The Euro has had a fairly consistent morning maintaining it’s par with Fridays close, echoing the rebound of last week.
I believe the Euro strengthened last week as a result of an overcooking of the issues it’s faces and a neglect of the efforts that have been made to rectify the situation.
The markets like confidence and that is something that has been missing with the Euro this quarter. We have seen a redress of the balance here, but things can change very quickly.
There is the all important UK Emergency budget (the clue to it’s importance is in the title) tomorrow which is bound to move the GBP-Euro pairing. There is some fairly important manufacturing data out of Europe this week too. This will show us how strongly Europe is recovering and will also move the market.
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